Authum Investment & Infrastructure zooms on acquiring 47% stake in Michigan Engineers
Authum Investment & Infrastructure is currently trading at Rs. 254.00, up by 32.80 points or 14.83% from its previous closing of Rs. 221.20 on the BSE.
The scrip opened at Rs. 223.75 and has touched a high and low of Rs. 257.95 and Rs. 223.75 respectively. So far 97491 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 284.00 on 20-Sep-2022 and a 52 week low of Rs. 134.00 on 10-Aug-2022.
Last one week high and low of the scrip stood at Rs. 265.40 and Rs. 212.20 respectively. The current market cap of the company is Rs. 3756.97 crore.
The promoters holding in the company stood at 71.47%, while Institutions and Non-Institutions held 7.00% and 21.53% respectively.
Authum Investment & Infrastructure has acquired 47% equity shares of Michigan Engineers (MEPL) from Patel Engineering and promoters of the Company. Accordingly, MEPL becomes the associate of Authum Investment and Infrastructure. This acquisition forms part of strategic financial investment. Cost of acquisition is Rs 80.37 crore (valuing the entire company at Rs 171 crore).
Authum Investment & Infrastructure is carrying on the business of investment in shares and securities and also financing activities to achieve the goal of enhancing the value for its stakeholders.
